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Brent: the price is below the 50.00 level _05/07/2016

Technical analysis and trading recommendations - https://fxpcm.com/en/fx/brent-price-below-5000-level-05072016

With the opening of the oil price fell quite sharply. Price fell below the psychologically strong level of 50.00 dollars per barrel of Brent crude oil.

After rapid growth in global stock markets last week and prices of commodities, including oil, the market moved in a corrective phase. Yesterday in the US celebrated Independence Day, so in the US financial markets were closed.

At the OPEC leadership last week and the representatives of Saudi Arabia stated that the global oil market is moving to the balance of supply and demand.
However, the positive dynamics of oil prices can change quickly in the negative.

Despite the fact that in the United States noted the current decline in oil production (last week in the US Department of Energy reported that oil production in the country fell by 55,000 barrels to 8.622 million barrels per day), the situation of rising prices can change radically.

As reported on Friday in the oilfield services company Baker Hughes Inc., in the US the number of oil rigs last week increased by 11 units and reached 341 per unit, which was the most significant weekly increase in the index for six months.

The participants of the oil market are also not yet fully aware of the decision to leave the UK from the European Union.

On Wednesday, 20:30 (GMT) American Petroleum Institute (API) will publish its report on the change in US oil inventories last week. On Thursday at 15:00 US Department of Energy publishes its weekly report on US oil storages and petroleum products.

If the submitted data point to growth stocks, prices will experience more pressure to the downside than show a positive trend in the opposite case.

A number of the fundamental nature of the factors, namely, a renewed increase in the number of active rigs in the United States, the possibility of the US resuming shale oil production, the elimination of disruption of oil supplies from various regions of the world, the continued oversupply of oil in the world, remaining at historic highs, more than 500 million barrels, US crude stocks, grew the risks for the European and world economies due to Brexit, can return the oil market in a downtrend.

Tuesday, 05 Jul, 2016 / 11:41

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Source : http://fxpcm.com/en/fx/brent-price-below-5000-level-05072016

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